Business
Alvotech Issues Annual Equality Report Covering 2022
Alvotech’s global workforce is now evenly split between females and males, and the unexplained gender pay gap has been reduced to 1.6% from 5.2% in December
About this update from Alvotech
[{"type":"text","content":"Alvotech’s global workforce is now evenly split between females and males, and the unexplained gender pay gap has been reduced to 1.6% from 5.2% in December 2020Alvotech’s Equality Policy, which is based on Icelandic law, has been implemented for the workforce globally REYKJAVIK, Iceland, May 15, 2023 (GLOBE NEWSWIRE) -- Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced the release of its second annual Equality Report covering 2022. “Any successful company should recruit and reward talent based on merit and contribution to the team, without bias towards gender or other irrelevant factors. Alvotech’s focus on gender equality and diversity is core to our DNA, and fundamental to good sustainable business practice,” said Robert Wessman, Chairman and CEO of Alvotech. Alvotech received equal pay certification from the Icelandic Directorate of Equality in 2021 and a second third-party audit was successfully completed in February 2022. Alvotech’s Equality Policy is based on Icelandic law, but has been implemented globally for all employees, applying a company-wide career framework and equal pay standards uniformly. In 2022, the unexplained gender pay gap had fallen to 1.6% for employees globally from 5.2% in December 2020, and to 1% for employees in Iceland. At year end 2022, Alvotech’s workforce was composed of people from 63 different nationalities. The workforce within Iceland consisted of employees from 58 different nationalities, with 49% of the Icelandic workforce being born abroad. Alvotech also sets policies for hiring, advancing, and promoting employees to align with Alvotech’s career framework and job leveling. In 2022, 53% of new hires were women, while 51% of those that received promotions or progressed were men. Alvotech’s equality policy and related disclosure is part of a broader corporate sustainability initiative. This report can be viewed on Alvotech’s Corporate Sustainability portal: https://alvotech.com/corporate-sustainability. About AlvotechAlvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products,...